TaxTMI 
TaxTMI 
Valuation of tobacco and tobacco products for the purposes of payment of Basic Excise Duty and National Calamity Contingent Duty (NCCD)
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....56, North Block New Delhi, the 1st February, 2022 To, All the Principal Chief Commissioners/ Chief Commissioners of Customs & GST, All the Principal Directors General/ Directors General of Customs & GST Madam/Sir, Sub: Valuation of tobacco and tobacco products for the purposes of payment of Basic Excise Duty and National Calamity Contingent Duty (NCCD) -reg. ....
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....s been prescribed for tobacco and tobacco products (like chewing tobacco, preparations containing chewing tobacco, Jarda scented tobacco, Pan masala containing tobacco) and an abatement of 55% on the retail sale price has been prescribed for such products. Accordingly, assuming the retail sale price to be Rs. 100, the basic excise duty and NCCD is computable on an assessable value of Rs. 45. The c....
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....d including duties like basic excise duty and NCCD. Therefore, the value for the purposes of GST computation will be the transaction value plus basic excise duty, NCCD and any other amount as prescribed in section 15 of GST Act, 2017 [i.e., in the above example, Value for computation of GST and Compensation Cess "V" = Transaction value as per the GST Act, 2017 + 11.475 (basic excise duty +NCCD)]. ....
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....rther, issue has been raised that the notification No. 49/2008-Central Excise (N.T.), dated 24.12.2008, continues to contain a reference to the First Schedule to the Central Excise Tariff Act, 1985, even though the said Tariff Act has been repealed on introduction of GST. It is argued that this is a legal infirmity. In this context, it is to state that vide section 10 of the Taxation Laws (Amendme....